United States Works to Improve Pakistan’s Financial Sector

Islamabad, April 29, 2014

The results of a first of its kind financial study for Pakistan, Consumer Protection and Financial Literacy (CPFL), was funded and released by the U.S. government, through the United States Agency for International Development (USAID) and the World Bank at a one-day workshop in Islamabad. More than 220 leaders and professionals from the financial sector deliberated on the study’s key findings and the next steps to improve the country’s policy and regulatory environment. A primary objective of the study was to increase Pakistani consumers’ financial knowledge and explain to them how to responsibly access needed financial services.

Speaking at the launch, USAID Mission Director Gregory Gottlieb said, “USAID believes that financial literacy is critical to ensure that consumers are able to make smart financial decisions. Strong financial consumer protection empowers the public to demand improved transparency and efficiency in the financial sector and at the same time play an important role in ensuring sensible growth. Robust consumer protection, transparency and efficiency in the financial sector also build public confidence, thus encouraging positive financial activity that will stimulate economic growth, and also grow Pakistan’s credit markets.”

The CPFL study produced six key findings and recommendation, including the need to improve coordination of consumer protection among all stakeholders; fortify Pakistan’s Security Exchange Commission and disclosure; strengthen dispute resolution for consumers; and develop an integrated financial education strategy. The World Bank conducted the CPFL study for USAID.

The workshop was organized through USAID Training for Pakistan, a $33.9 million four year project which provides training and exchange programs to more than 6,000 Pakistanis.

For more details regarding economic growth and agriculture sector, please visit the URL: 1.usa.gov/1dKTncZ